Our website uses cookies to improve your user experience. If you continue browsing, we assume that you consent to our use of cookies. More information can be found in our Cookies Policy and Privacy Policy.

Bennett says in the 12 months following the introduction of Mifid last autumn, the FSA has issued a total of 4,114 pages of regulatory information to firms, much of which he believes to be unjustifiable.

Bennett says: “We fully recognise the need to protect investors and to open up the European market. However, Mifid should have been the last word in regulation.

“Mifid has been expensive to implement, with no discernible benefits for firms or clients. It needs to be given time to bed down, yet a steady flow of regulatory initiatives from the FSA continues to buffet our industry.

“These initiatives are not required by EU legislation and come at a time when businesses should be focused on core activities.”

BDO Stoy Hayward head of regulation Fiona Raistrick says: “It is dismissive to say that Mifid should be the last word in regulation. This is not about creating regulation for the sake of it but about introducing principle-based rules that will protect both financial services firms and members of the public.

“If regulation does not evolve appropriately, then we will simply find ourselves in more of a financial mess than we are currently in.”

November 5 marked the anniversary of what was almost a very explosive night 400 years ago. Over in the US – just pipping us to the post by a day – November 4 proved explosive this year for somewhat different reasons.

Newsletter

Latest from Money Marketing

Discretionary fund manager Beaufort Investment has promoted internally to fill the position of chief investment officer and has also appointed a new funds research executive. Beaufort Investment is part of the vertically integrated Beaufort Financial group. Head of portfolio construction Shane Balkham has been appointed as CIO and investment analyst Emma Clarke has been named […]

New Leodis Wealth chief executive on supporting clients through the chaos caused by the UK’s exit from the EU The long and tortuous road to Brexit has taken us from a political soap opera to what many regard as a tragedy over the past two-and-a-half years. Whatever drama is yet to unfold, the message that […]

Consulting director at The Lang Cat Steve Nelson talks making sure clients know what they’re buying and the joys of research ahead of his appearance at Money Marketing’s flagship conference. What one word or phrase do you think sums up the state of the financial planning profession today? I’m going to defer to our adviser […]

22nd February 201912:00 pm

Comments

Leave a comment

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.